Policies and Programs
Meralco upholds the highest standards of corporate governance through issuance of various company policies and governance programs that are aligned with the Company’s vision, mission, overall strategic directions, corporate objectives, and long-term goals. The Company believes that well-defined policies should cascade governance principles to business operations and processes to strengthen the brand of service excellence and ethical culture of its directors, officers and employees of the Company.
Guided by the governance principles of Fairness, Accountability, Integrity, Transparency and Honesty (FAITH), the Company has defined its governance framework through policies that promote best corporate governance practices from the top management down to the ranks in a manner that suits the distinct Meralco business environment. “Be Right” was introduced as the Company’s governance slogan to remind the directors, management and employees to BEhave RIGHT, observe the existing policies of the Company and report those who violate the same.
In line with the Company’s efforts to improve its governance atmosphere and pursuant to the SEC Memorandum Circular No. 19, Series of 2016, otherwise known as the “Code of Corporate Governance for Publicly Listed Companies,” the Board approved a Revised Manual of Corporate Governance which was submitted to the SEC on April 24, 2017 which serves as the foundation of all the Company’s governance policies.
Meralco’s Revised Manual of Corporate Governance embodies the principles and meets the standards of governance set by the Philippine Securities and Exchange Commission (SEC). The Manual adheres to the laws enfranchising the corporate existence and utility operations of the company. It represents a firm commitment to a framework of corporate and governance rules and principles that covers all aspects of our business. If any approach deviates from this Manual, it is explained in the Compliance Officer's annual certification of compliance to the SEC.
Specific documents like the Code of Ethics, Code of Employee Discipline, Safety Code, Policy on Subsidiary Management, Policy on Conflict of Interest and Guidelines on Board Committees, among others, were also developed and are being implemented in support of the principles embodied in the Revised Manual of Corporate Governance. The policies, rules and principles contained herein are built on Meralco's own standards and experience while respecting the benchmarks set in the SEC.
These policies are available at the Corporate Governance HR Express Portal of Meralco and copies of the Corporate Governance Handbook, which compiles the above-mentioned policies, were distributed to all offices.
As the corporate governance landscape changes, new policies are developed and existing ones are constantly being reviewed and improved. Among the new policies issued in 2017 is the Board Diversity Policy which was approved by the Board of Directors on December 18, 2017 in accordance with the Revised Manual of Corporate Governance and pursuant to the recommendations from the ASEAN Corporate Governance Scorecard and the SEC’s Code of Corporate Governance for Publicly-listed Companies.
As it strives to adapt with the changing conditions and as it formulates and improve policies and strategies to pursue sustainable development, the Company is determined to keep corporate governance the core of all its business decisions.
